Citadel Broadcasting Acquires 11 Radio Stations from Wilks Broadcasting; Builds on Company Strategy to Expand Presence in Top 100 Markets.

Entertainment Editors/Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 8, 2003

Citadel Broadcasting Corporation today announced that it has completed its acquisition of 11 radio stations in New Orleans, La., Des Moines, Iowa, and Springfield, Mo. from Wilks Broadcasting LLC. The purchase price was $133 million.

Separately, Citadel also announced that it has entered into a transaction to sell the Springfield, Mo. stations to Journal Broadcast Corporation for approximately $5 million.

The stations included in the transaction are KBGG(AM), KHKI(FM), KGGO(FM), KJJY(FM), and KRKQ(FM) in Iowa; KMEZ(FM), KKND(FM), WPRF(FM), and WOPR(FM) in Louisiana; and KHTO(FM) and KZRQ(FM) in Missouri. In Louisiana, Citadel currently owns six stations in Baton Rouge and eight in Lafayette.

Wilks Broadcasting is an affiliate of The Wicks Group of Companies, L.L.C. (www.wicksgroup.com), a New York-based private equity firm that invests in communications, information, and media businesses.

Citadel Broadcasting Corporation is a radio broadcaster focused primarily on acquiring, developing and operating radio stations in mid-sized markets throughout the United States. The Company owns or operates 152 FM and 64 AM radio stations in 44 markets, including clusters of four or more stations in 32 markets. Citadel was acquired by Forstmann Little & Co. in June 2001 in a transaction valued at approximately $2.0 billion. For nearly 25 years, Forstmann Little has been a pre-eminent owner and acquirer of businesses, making 29 acquisitions and significant investments and returning more than $7.5 billion of profits to their investors.